The Federal Home Loan Mortgage Corp. said...

The Federal Home Loan Mortgage Corp. said the average interest rate on one-year, adjustable-rate mortgages rose to the highest level in more than 2 1/2 years this week. The average rate on the most popular type of adjustable-rate mortgage, the kind with caps on how high the rate can go, was 8.58%, up from 8.54% a week earlier. That was the highest level since May 9, 1986, when the rate was 8.59%, the agency said. The average rate on 30-year, fixed-rate mortgages this week was 10.71%, down from 10.81% a week before.